Greek Economy Continues To Collapse
The recent Greek election, to no one’s surprise, severely punished the pro-austerity establishment parties, and greatly strengthened the anti-establishment political parties advocating the ripping up of the European bailout and austerity package. Currently, Greece is without a government.
As Greece slides into political disarray, its economy continues in meltdown mode. With the Greek economic contraction accelerating, debts accumulating despite the bailout, and the unstable political situation prevailing, it is no shock that the most recent numbers show that Greece has an official unemployment rate of 22 percent. Without a doubt, Greece is in a sustained economic depression, with no clear light visible at the end of the tunnel.